News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
Silver Prices: Confluence of Resistance Turns into Lone Levels of Support

Silver Prices: Confluence of Resistance Turns into Lone Levels of Support

Paul Robinson, Strategist

What’s inside:

  • Short-term confluence of resistance turns into individual levels of support
  • Silver prices in the middle of range created during the summer
  • Looking for higher prices on hold of support

The other day we looked at silver prices while they were sitting up against a confluence of short-term resistance; an inflection point which was quickly broken in the hours after publishing that commentary. The strong push through means those technical events which collided to present a hurdle for silver go from being resistance to support. At this juncture, those events are no longer colliding with one another due to their angling, but on their own each are viewed as levels of support.

Putting the short-term picture into perspective, the recent surge off the late August lows is coming from a pivotal area around 18.50, which was the peak from very early 2015. It is still unclear whether this will have ended the decline and a new leg higher can commence just yet. More is needed from the metal before drawing any concrete conclusions about the big picture.

Silver prices are sitting in the middle of a range which was in place for most of July and a large part of August. As long as support levels can hold, it would be reasonable to conclude a move to the mid to upper-20s, which made up that range, could take shape in the foreseeable future. Gold is looking the better of the two at this time, sitting just shy of the 2011 to current down-trend line. A break above will keep the December to current uptrend continuing; this would certainly be a big positive for silver, obviously. (Watch for a weekly close above ~1360.)

The most significant support level to watch in the short-run is 19.20. It acted as solid support earlier in the summer, and while it didn’t act as key resistance on this current surge higher, is still viewed as a pivotal level when looking at the broader picture.

Silver Prices: Confluence of Resistance Turns into Lone Levels of Support

Ideally, a day or two of consolidation develops to show willingness for silver to hold up after a big run, and to recoil for another jet higher. For now, silver is viewed through a cautiously bullish eye, but should silver slice through support versus a gradual decline and hold of any of those levels, then we will need to consider alternatives.

Keep any eye on the US dollar, as in recent trade it has been a good source of strength for precious metals. A daily close below 11841 in the USDollar will be a key event for the index, likely leading to continued weakness and helping along silver.

Sharpen your skills in technical analysis today and check out one of our free trading guides designed to help traders of all experience levels.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

You can email him at instructor@dailyfx.com with questions or comments.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES